Bill Text: NY S02547 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides for the financing and construction of facilities for Village of Lake Placid, Inc. by the dormitory authority.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2020-01-08 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S02547 Detail]

Download: New_York-2019-S02547-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          2547
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 28, 2019
                                       ___________
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and Commissions
        AN ACT to amend the public authorities law, in relation to providing for
          the financing and construction of facilities for Village of Lake Plac-
          id, Inc.
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph (b) of subdivision  2  of  section  1676  of  the
     2  public authorities law is amended by adding a new undesignated paragraph
     3  to read as follows:
     4    Village of Lake Placid, Inc.
     5    §  2.  Subdivision  1 of section 1680 of the public authorities law is
     6  amended by adding a new undesignated paragraph to read as follows:
     7    Village of Lake Placid, Inc.
     8    § 3. Subdivision 2 of section 1680 of the public  authorities  law  is
     9  amended by adding a new paragraph m to read as follows:
    10    m.  (1)  For  purposes of this section, the following provisions shall
    11  apply to the  acquisition,  construction,  reconstruction,  development,
    12  improvement,  expansion  and/or  equipping  of a facility or facilities,
    13  including necessary ancillary and related facilities, and the  financing
    14  and/or refinancing thereof for the Village of Lake Placid, Inc.
    15    (2)  Notwithstanding  any  other provision of law, the Village of Lake
    16  Placid, Inc. shall have full power and authority to enter into a  lease,
    17  sublease or other agreement with the dormitory authority as is necessary
    18  or  useful  in  connection with the construction and/or financing and/or
    19  refinancing of a facility described in subparagraph one  of  this  para-
    20  graph  or  a municipal facility and any ancillary or related facilities.
    21  Such lease, sublease or other agreement may provide for, including with-
    22  out limitation, the payment by the village of fees and amounts necessary
    23  to pay debt service on any obligations issued by the dormitory authority
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08648-01-9

        S. 2547                             2
     1  for the same, and the pledge and assignment by the village to the dormi-
     2  tory authority of all or a portion of the  revenues  derived  from  such
     3  facility  or facilities in an amount not less than the amount sufficient
     4  to make all payments required to be made by any such village pursuant to
     5  any  such  lease,  sublease  or other agreement entered into between the
     6  village and the dormitory authority. Any such lease, sublease  or  other
     7  agreement  entered  into pursuant to this paragraph may provide that the
     8  provisions thereof shall remain in force and  effect  until  the  bonds,
     9  notes  or  other  obligations  of  the dormitory authority are no longer
    10  outstanding, together with any unpaid installments of interest  and  the
    11  fees  and  expenses  of  the  dormitory  authority,  are  fully  met and
    12  discharged.
    13    (3) Any such lease, sublease or other agreement shall  not  constitute
    14  or  create  indebtedness of the village for purposes of article seven or
    15  eight of the state constitution or section 20.00 of  the  local  finance
    16  law,  shall be deemed executory only to the extent of money appropriated
    17  annually therefor by the village and shall not constitute a  contractual
    18  obligation in excess of the amounts so appropriated.
    19    (4)  Any  such  lease, sublease or other agreement entered pursuant to
    20  the provisions of this paragraph shall not be deemed to be  an  install-
    21  ment  purchase  contract,  contract for public work or purchase contract
    22  within the meaning of article five-A of the general municipal law or any
    23  other law.
    24    § 4. This act shall take effect immediately.
feedback